. This case examines modern endowment investment management through the lens of a leadership transition between Chief Investment Officers (CIOs). 207-786-6103. mhussey@bates.edu. Niles exceptional experience and skills, his record of achievement, and his deep commitment to Bowdoins mission make him the ideal person to succeed Paula, Bowdoin President Clayton Rose said in a statement. This support includes enabling expanded access, subsidizing tuition for every student, paying for the best teachers and facilities, creating knowledge and supporting basic operations. As of June 30, 2022, the three-, five-, and ten-year annualized returns for Bowdoins endowment were 15.7 percent, 14.7 percent, and 13.3 percent, respectivelyall in the top 5th percentile among comparative college and university annualized returns, according to data compiled by Cambridge Associates. Volent has an M.B.A. from the Yale School of Management, an M.A. I started taking business classes at night at UCLA, and one of my professors said, youre pretty good at thishave you ever thought about going into business school? Volent said in a phone interview with the Orient. And, if youre crafting a competitive offer, it certainly helps to know exactly what you have to beat. However, Volents path to Brunswick wasnt through finance at all. Name Title Hours Per Week Total Salary; Paula Volent: SVP/CHIEF INVESTMENT OFFICER: 40: $4,170,808: Chris Piccione: ENDOWMENT CHIEF OPS OFFICER . [II Deep Dive:The Endowment Location Conundrum]. Patricia Ribeiro Promoted to Co-CIO of Global Growth Equity at American Century Investments. You are strongly encouraged to use a real name or identifier ("Class of '92"). Paula Volent, Bowdoin College's chief investment officer, announced she will leave her post June 30, 2021, at the end of the current academic year, to pursue the next chapter in what has been a varied and tremendously successful career at the College. He received a big payout classified as other in calendar 2015. Benje Douglas Senior Vice President for Inclusion and Diversity. Bryant started their career as an Associate at Winston & Strawn LLP from 1998 to 2000. Each issue explores how the worlds most accomplished asset managers think and invest. Paula Volent. Our team, led by Senior Vice President and Chief Investment Officer Niles Bryant with the support and insights of our Investment Committee, did outstanding work to preserve much of the extraordinary gains we earned in the prior year, while generating substantial liquidity. K. Niles Bryant will become the next senior vice president and chief investment officer at Bowdoin College, where he will be responsible for managing the Colleges $1.8 billion (as of June 30, 2020) endowment, the largest portion of which is permanently restricted to the support of student financial aid. All asset classes are invested through a selection of external investment managers or through market indices. She worked as a senior associate at the Yale investments office, according to her biography on the website for theNational Womens History Museum, where Volent serves as a board member. Affiliation: Office of the President. And, if NYSCRF held Williams (investment-grade) bonds, you can be sure that Ms. Williams a crack credit-analyst and bond maven in her previous jobs had the numbers to prove they were a suitable buy for her fund. In the first of a series of fireside chats with this years honorary degree recipients, the College welcomed DeRay Mckesson 07 H21, a Black Lives Matter activist and host of the podcast Pod Save the People, in a virtual conversation moderated by Beth Kowitt 07, a journalist for Fortune Magazine. For the record, the CIO back in CY2015 was Stephen Blyth who had total comp of $14.8 million (it was both his first and last year). Mr. Phillips is an effective and well-credentialed CIO and Rochester, understandably, wants to fend off offers from other, bigger schools. Much of this has to be declared as taxable W2 income to the employee per IRS rules and is therefore in our total. He is a graduate of the University of Michigan, where he earned his undergraduate degree magna cum laude in classical archaeology, and where he was also elected to Phi Beta Kappa. In this 2011 revival, Bowdoin students tell the Orient about their experiencesgood, bad, or just extreme. In our chart below, we can only offer the bare numbers. Paula Volent, chief investment officer at Bowdoin College, will step down June 30. Bowdoin's investment team is collaborative, research oriented, and performance driven. President Barry Mills announced last night that he plans to remain at the helm of Bowdoin for at least five more years. . About; Bookstore; Campus Map; Colby Magazine; Dare Northward; Dining . Wilshire Lays Out a Broader Asset Allocation, Kentucky Retirement System Trustees Say It Is Not Subject to State's Anti-ESG Law, Ohio State Pension Approves New Asset Allocation. Bryant will succeed Paula Volent, who will step down at the end of June after more than 20 years on the job. The IRS requires a certain degree of granularity and, in most cases, we see items for base salary, bonus, other, and total. Bowdoin College - Mid-career pay: $135,900 . All investments are made through experienced investment managers with particular expertise in their markets of focus," she wrote. Bowdoins investment return, while negative, compares favorably with equity and bond markets, which registered losses in the double digits over this very challenging period, said Bowdoin President Clayton Rose. They generally get no performance bonus (or only a modest one). Today, Volent oversees a growing staff split between two offices in Brunswick and New York. Kathy Weiler oversees market strategy, product development, brand management . At the time, endowments for little schools like Bowdoin didnt have any alternatives [to invest in] like private equity or venture capital. Volent is on the board of directors at MSCI and the board of advisors for the Yale School of Management. Volent will succeed Amy Falls, Rockefellers current vice president and chief investment officer, who was named vice president and chief investment officer for Northwestern University in February. In the corporate world, the CEO almost always commands the big bucks. Finally, Volents path led her back to Bowdoinbut this time in the treasury rather than the art museum, where she has been ever since. Of the total endowment distribution in 20212022, approximately $38 million supported financial aid, accounting for approximately three quarters of Bowdoins $51 million financial aid budget. Officer. Everett, Massachusetts, United States. Investment . She announced in February that she would be stepping down as senior vice president and chief investment officer at the college on June 30. The Lewiston Police Department (LPD) has referred graffiti written in chalk on the campus of Bates College to the Maine attorney general, who is investigating the case as a possible hate crime. from the University of New Hampshire. BOWDOIN COLLEGE BRUNSWICK, ME 04011-8445 | Tax-exempt since June 1935. This was a difficult decision, but after more than twenty years, I am excited about writing a new chapter and taking on new challenges.. Bloomberg. "Williams, Dartmouth, Tulane, and others maintain off-campus investment oversight offices," wrote Volent. Matthew P. Orlando of Brunswick has been promoted to the position of senior vice president for finance and administration at Bowdoin . Culture, This content is from: A member of the company's Senior Leadership Team, he leads the Finance and Risk function responsible for the company's financial management and planning, budgeting, actuarial, investment risk and operations, enterprise risk management and resiliency. Paula Volent, 63, the chief investment officer of Bowdoin College's endowment, sees similarities between art conservation and investment management. Bowdoin ranks only 69th by AUM (FY2017), but 10th by CIO compensation in 2015. It was echoed by the New York Post, with: Ex-pension chiefs cushy gas company gig raises eyebrows. A direct Mayflower descendant of Richard Warren, Jean was born on March 28, 1939, to parents Frank N. and Harriet O. As of June 30, 2020, the three-, five-, and ten-year annualized returns for Bowdoins endowment were 10.7 percent, 8.5 percent, and 11.6 percent, respectivelyall in the top fifth percentile among comparative college and university annualized returns, where the respective median returns were 5.2 percent, 5.0 percent, and 7.4 percent. He will oversee the management of the Brunswick, Maine, college's $1 . When Volent took on her position in the summer of 2000, Bowdoins endowment stood at just over $465 million; in the year ended June 30, 2020, the endowment had gained 5.9 percent, growing to $1.8 billion, providing nearly $72 million to the annual operations of the College last year, including $33 million for need-based financial aid. Im sure I speak for my colleagues on the Board and in University leadership when I say how thrilled we are to be able to look forward to a continuation of the highest caliber of leadership with Paula Volent at the helm in the Universitys investment office., I have known Paula for almost twenty years, both professionally and personally, and I am deeply gratified that she will be coming to Rockefeller, says Scott Bessent, chair of the Investment Committee of the Board of Trustees. Before embarking on her career in investment management, Volent worked as an art conservator specializing in the conservation of art on paper. Upon graduating, he soon began working at the law firm, Debevoise . Bowdoin College. Stanley Druckenmiller 75, the chair of Bowdoins Investment Committee, said, Niles will do an outstanding job as our next CIO, and I look forward to working with him., Niles is uniquely positioned for this leadership position at Bowdoin, said outgoing Chief Investment Officer Paula Volent. Endowment. EDUCATION: Brandeis University, Bowdoin College. Volent didnt make her first investment until ten months into her new job, spending close to a year getting familiar with Bowdoins risk profile, the members of the Colleges investments committee and the money managers she would be working with in the future. WE'RE NOT ALONG: The investment office now has a satellite office in NYC. To take one example, when Jagdeep Bachher moved down from Alberta to northern California as CIO at University of California Regents he landed in a far more expensive housing market. Bowdoin only recently broke into the billion-plus club, but Ms. Volent a Yale Investment Office alumna has been consistently over-performing for years. This positions the College very well to continue our focus on supporting every student in need who has earned a spot at Bowdoin and to fund other important initiatives at the College.. We should also mention that we used a $1 billion AUM lower bound for this list. Paula and her team have produced remarkable investment returns for Bowdoin that changed both the trajectory of the College and the lives of thousands of students who benefitted from the financial aid resources generated from its endowment, said Bowdoin College President Clayton Rose. It is not clear if this factor influenced the decision. K. Niles Bryant will become the next senior vice president and chief investment officer at Bowdoin College, where he will be responsible for managing the College's $1.8 billion (as of June 30 . Manager Selection February 23, 2023. In 2004, they joined Carnegie Corporation of New York as the Associate Director of Investments . Even with a satellite office in New York, the investment office in Brunswick "will continue to be the principal office," wrote Volent. "If you use your conservation skills on . The Bowdoin endowment consists of more than 1,700 individual funds earmarked for the perpetual support of a variety of College initiatives. Its my home. Compensation for this key position is competitive. Chief Investment Officer - CIO: A chief investment officer is an executive position responsible for managing a company's investment portfolios. But, obviously, we could only report pay for CY2015 if the CIO had held the same job in that prior period. Most recently, he served on the investments team as director of real assets at the Gordon and Betty Moore Foundation, a Bay Area private foundation with an $8 billion endowment.
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